Ford planning to lay off 20,000 workers in North America, Asia

The layoffs will go into effect by Oct. 1 and employees will receive early retirement incentives. (AP Photo/David Richard)

Ford Motor Company is expected to announce later this week plans to gut 10 percent of its 200,000-person salaried workforce in North American and Asia, according to multiple reports late Monday.

The layoffs will go into effect by Oct. 1 and employees will receive early retirement incentives.

Hourly workers and those on the production line will not be effected.

Ford recently announced plans to cut $3 billion in costs after its profits in the first quarter of 2017 dropped 35 percent to $1.6 billion, according to a statement the company released April 27. It's the first time in seven years since the recession that the company saw a decline in profits.

"Reducing costs and becoming as lean and efficient as possible also remain part of that work," the company said in a statement. "We have not announced any new people efficiency actions, nor do we comment on speculation."

Ford could face pushback from President Trump who has pledged to work to keep jobs in the country by negotiating deals with corporations who would otherwise outsource work. Trump has not issued a statement in response to the new report.